INCOME TAX ASSESSMENT REGULATIONS 1997

PART 3 - SUPERANNUATION BENEFITS PAID FROM COMPLYING PLANS ETC  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

REGULATION 307-205.02   VALUE OF SUPERANNUATION INTEREST  

307-205.02(1)  


For paragraph 307-205(1)(a) of the Act, this regulation:


(a) applies to a superannuation income stream or a superannuation annuity, other than:


(i) a superannuation income stream that is a pension mentioned in subparagraph 295-385.01(a)(i) , (ii) or (iii) ; or

(ii) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on:

(A) an identifiable lump sum amount; or

(B) the amount available in the member ' s account; or

(iii) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307-205.02B(a) ; or

(iv) a superannuation income stream that is supported by a superannuation interest that can be valued under regulation 307-205.02C , 307-205.02D or 307-205.02E ; and


(b) specifies a method for determining the value of a superannuation interest at a particular time if the interest supports a superannuation income stream to which this regulation applies.

Note:

The proportioning rule requires the tax-free and taxable components of superannuation to be paid out as benefits in the same proportion as they make up of the underlying interest. A value of a superannuation interest is required to ensure that the proportioning rule operates appropriately.

307-205.02(2)  
The value of the interest at a particular time is the sum of:


(a) the product of:


(i) the annual amount of the superannuation income stream payable in respect of the superannuation interest at that time; and

(ii) the applicable factor set out in clause 1 of Schedule 1B ; and


(b) the product of:


(i) the nominal value of the superannuation lump sum, if any, which is payable in respect of the interest at a time in the future, other than a future lump sum which is a commutation of the income stream included in subparagraph (a)(i); and

(ii) the applicable factor set out in clause 2 of Schedule 1B .



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